Three agreements exchanged between India and EU

Source :

ANI

Last Updated: Fri, Oct 06, 2017 20:17 hrs

New Delhi: Three agreements were exchanged between India and the European Union on solar alliance, Bengaluru Metro and Science Research after the end of the 14th India and European Union Summit and delegation-level talks here on Friday.

They are as follows:

1. Implementing Arrangement between the European Commission and the Science and Engineering Research Board (SERB) for Indian Researchers hosted by the European Research Council grantees in Europe

2. Finance Contract of Bangalore Metro Rail Project Phase-2-Line R6 for Euro 300 million out of total loan of Euro 500 million

3. Joint Declaration between the Interim Secretariat of the International Solar Alliance and the European Investment Bank

The agreements were exchanged in the presence of the President of the European Council, Donald Franciszek Tusk, the President of the European Commission, Jean-Claude Juncker, and Prime Minister Narendra Modi.

President Tusk said "India and the European Union are two of the world's largest democracies. This carries with it the great responsibility to uphold freedom, democracy, human rights and a credible rules-based global order. Not least in times of uncertainty and change. The best way to face these challenges is to cooperate more and better by strengthening our strategic partnership."

President Tusk said "Both EU and India have agreed to further develop the political dimension of our relationship by developing our dynamic trade and investment relations; and that we have agreed to step up cooperation on global and regional issues."

President Tusk said "We adopted a joint declaration on counter-terrorism in which we agree to counter violent extremism and radicalisation, particularly on-line, and to deal effectively with the threat posed by foreign terrorist fighters, terrorist financing and arms supply."

The EU is India's largest regional trading partner with bilateral trade in goods standing at USD 88 billion in 2016. The EU is also the largest destination for Indian exports and a key source of the investment and cutting edge technologies. India received around USD 83 billion FDI flows from Europe during 2000-17 constituting approximately 24 percent of the total FDI inflows into the country during the period.

India and EU are also strategic partners since 2004. The 13th India-EU Summit was held in Brussels on 30th March, 2016.